REQUIRED: IDENTIFY THE ACCOUNTS AND ASSERTION[S] FOR EACH CONDITION (Some situations may affect more than one...

REQUIRED: IDENTIFY THE ACCOUNTS AND ASSERTION[S] FOR EACH CONDITION (Some situations may affect more than one assertion class) TWO ACCOUNTS ARE AFFECTED BY EACH CONDITONS. IDENTIFY THEM. CONDITION AFFECTED ACCOUNT AFFECTED ACCOUNT AFFECTED ASSERTION[S]

c. Blinder Co. repeatedly overcharges its customers for shipping (in many cases shipping is free). The company is very slow to credit customer accounts for the overcharges

. d. Management has arranged to have recorded as property, plant & equipment purchases that should have been recorded as inventory. Management has been placing great emphasis on the achievement of earnings projections.

e. Credco is a financial services company. Recently, it transferred its receivables to a third party in exchange for cash. Credco recorded the transfer as a sale of the receivables. The auditors are concerned that the transfer may actually be a secured borrowing.

f. Meliora Corp’s cost accounting system is too slow to update work-in-process inventory for changes in labor and other production costs

. g. Pellmell Inc did not describe its lease obligatons in the footnotes to its financial statements.

h. Jolly Co.’s inventory manager has figured out a way to ship goods to an accomplice without any sales order documents that authorize such shipments, and without creating any records. He has stolen more than $30,000 in inventory this way.

i. Fluffam Corp. charged interest costs on a purchase loan for new equipment to Plant & Equipment.

Expert Solution

ekkarill92 answered 2 years ago

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